BSFS Expansion Thread

[Belvis Noland]

I like how the rendering depicts the field sans concrete + limestone wall. 

[Dr Rick Daris]

you know what i seriously do really like? our usage of really big banners to make the east side and all of our other stuff look less dumpy. thumbs up to whoever came up with that. 

[Dr Rick Daris]

hired him before frank even left.

weird.

that's what i thought too, but then again who am i to argue with gene keady who was apparently running all over the world telling anybody who would listen that oscar was going to be the next coach at kansas state before it was even announced that frank was leaving. i mean, he's gene freaking keady.

[jtksu]

[Benja]

which is weird because he was very decisive when hiring oscar weber. hired him before frank even left.

well, hopefully he thinks this one through a bit more

Well, this involves football. Not the sport of basketball, which nobody cares about and is barely a real sport and currie would just get rid of if he could. So there's your answer

[wes mantooth]

what could ku possibly do to there "stadium" to make it nicer other than starting over?

[GoodForAnother]

phog.net has confirmed through multiple sources that they're totes going to spend about $300 mil

[MadCat]

what could ku possibly do to there "stadium" to make it nicer other than starting over?

Pour chocolate sauce on the track and release a herd of meat goats.

[Dr Rick Daris]

what could ku possibly do to there "stadium" to make it nicer other than starting over?

ku should just rent out arrowhead for their home games. dead serious. college fball in lawrence is never, ever going to work.

[p1k3]

what could ku possibly do to there "stadium" to make it nicer other than starting over?

ku should just rent out arrowhead for their home games. dead serious. college fball in lawrence is never, ever going to work.

My sister was bragging about Lawrence's tailgating ability this past weekend. I just lol'd.

[Mikeyis4dcats]

grumblings the squawks are going to announce a much needed massive football project...

a new chair for Charlie?

[sonofdaxjones]

ku is under a lot of pressure, and they've pee'd and twaddled around on the "olympic village" so long now, they've had to resort to a gubment cheese funded project well off campus. 

mu:  Expansive stadium improvement announced and set to commence in the next year.

K-State:  Moving dirt, pouring concrete and soon raising steel on an expansive stadium project.

ku:  Old crumbling stadium with a track. 

[Rage Against the McKee]

How does KU plan on funding this venture? Will they raise tuition?

[ArchE_Cat]

ku is under a lot of pressure, and they've pee'd and twaddled around on the "olympic village" so long now, they've had to resort to a gubment cheese funded project well off campus. 

mu:  Expansive stadium improvement announced and set to commence in the next year.

K-State:  Moving dirt, pouring concrete and soon raising steel on an expansive stadium project.

ku:  Old crumbling stadium with a track.

Its not even a village. It's three grandstands, a track and a soccer field.

EDIT - city postponed approval vote of rec enter and KU track for at least two weeks

[Gooch]

I like how the rendering depicts the field sans concrete + limestone wall. 

crap I did not even see this.

[EMAW4life-JHL]

KU isn't doing anything anytime soon. that university and that athletic department are in debt up to their eyeballs, enrollments has plummeted and the general atmosphere of KU is a negative one.
Olympic Village = never gonna happen
Memorial Renovation/ new stadium = not happening anytime in the next 20 years.
KSU will be worried about rennovating this rennovation before KU gets around to anything.

[CyberToothCat]

KU isn't doing anything anytime soon. that university and that athletic department are in debt up to their eyeballs, enrollments has plummeted and the general atmosphere of KU is a negative one.
Olympic Village = never gonna happen
Memorial Renovation/ new stadium = not happening anytime in the next 20 years.
KSU will be worried about rennovating this rennovation before KU gets around to anything.

Maybe I'm wrong, but with the financing for the WSC, don't we now have about as much debt on our books as they do?

The official line is that we've raised $53 million of the $75 million price tag for the WSC, but that's a little bit deceiving.  Donations for the past fiscal year (ended 6/30) weren't anywhere close to $53 million and those donations includes ALL donations (seat licenses for football/basketball, parking spots, etc, plus WSC).  Much of the funding raised for the WSC comes from the multi-year commitments made for the suites and club seats.  I have no idea how much they cost, but assume a round number of $100,000 to rent a suite for 5 years. John Q Fan made a commitment to donate $20,000 per year for the next five years for that suite.  We're counting that full $100,00 in our fundraising, but most of those funds won't be received until after the construction is complete.  In order to pay for the construction, we have to take on massive amounts of debt.

Don't get me wrong, I'm not particularly worried about our financial condition and ability to pay that debt thanks to our ticket sales, annual donation level, income from conference TV contract, etc.  But the KU ath dept has fundraising capabilities that are as good as or better than our own and they'll get as much money from the conference as we will.  If we can raise the funds to pay down our debt, then so can they.

As info, the FY2011 (ended 6/30/11) financial statements show long-term debt of about $27.5 million and debt service of $2.9 million. 
http://grfx.cstv.com/photos/schools/ksu/genrel/auto_pdf/2011-12/misc_non_event/FY11AuditorReportFinancials.pdf

The audited statements for FY2012 have not yet been released.  It seems like that will be around Oct/Nov.  The projected budget for FY2013 (7/1/12 thru 6/30/13) shows debt service of $5.1 million.  I assume that when we added the new debt to our balance sheet in FY2012, we refinanced the existing debt to current rates (cheaper to pay a lower rate) so it's difficult to make a one-to-one comparison.  But if debt of $27.5 million requires an annual payment of $2.9 million at older, higher interest rates, then the projected annual payment for this year of $5.1 million would equate to at least $50 million in debt, plus whatever new debt we add during the coming year to pay for the continuing construction of WSC.

[wes mantooth]

i doubt ku can afford a new ice machine, let alone a new stadium facelift 

[eastcat]

The WSC club seats were going for $7,000/season with a 3 season minimum last I heard. West side suits are sold out.

I'm not too worried about it, we are generating lots of cash from conference revenue alone.

[_33]

The only work KU is doing to the stadium is to make it scooter compatible lol.  Because Charlie Weis rides a scooter.  He's fat.

[scottwildcat]

captincrap will you come in and tell us if CyberTooth is correct or not

[sonofdaxjones]

K-State Floated $72 million in debt last year or so.  $22 million for BTF/Phase one WSC.  $50 million WSC.   

There was $16.8 million committed to the BTF/Phase One of WSC before fund raising was stopped.   There's about $54 million committed to the WSC project.   

I'd have to go back and read the financial reports that were given to the ratings agencies, but I am certain both projects had to have in hand donations in the 7 figures for either project to commence. 

In terms of the current phase of the WSC, it's quite common for these types of projects which are revenue generators to be funded the way K-State has done it.   Yeah, there's risk, but if prior history is our guide, K-State has had few problems of note in terms of people following through on their commitments.   Sure, somebody in that bunch might be spending gazzillions of company funds on art work, extravagant trips and driving the company in the dirt, possibly landing them in federal prison at some point . . . but I doubt it.   

The real challenges will be the next phases which will almost certainly require significant in hand donations and solid commitments in order to proceed. 

If the economy goes into the $hitter completely and the TV contracts fall through, it could get a little dicey, but it would be dicey for nearly everyone . . . and no, most athletic departments who can't pay their bills can wander on over to the endowment office and tell them to cut a check, it's not that easy. 









   

[scottwildcat]

in your expert opinion when will the next phase which includes new sound system, new jumbotron in the North, and the limestone fence be done by?

[DQ12]

does this mean we're finally operating in the red?  hated being in the black. 

felt like the neighborhood nerd looking down his nose at all the other latchkey kids who were going out and spending their money on booze and drugs while i saved up to buy a complete set of pokemon cards

[sonofdaxjones]

does this mean we're finally operating in the red?  hated being in the black. 

felt like the neighborhood nerd looking down his nose at all the other latchkey kids who were going out and spending their money on booze and drugs while i saved up to buy a complete set of pokemon cards

Highly doubtful . . . in fact, barring something unforeseen, K-State will likely finish well in the black again. 

scottwildcat . . . CC said that non major construction parts of Phase III might get fast tracked.   Otherwise